Third-Party Risk Management (TPRM)
WPY Data provides a comprehensive managed service for third-party risk management that includes:
- Risk assessment: We conduct a thorough risk assessment of all third-party vendors to identify potential vulnerabilities and risks. This assessment includes a review of vendor contracts, security practices, and risk management policies.
- Monitoring: We automate monitoring of third-party vendors in real-time to detect any changes in risk posture. This includes automated notifications of changes in vendor risk profiles, such as security breaches or other vulnerabilities.
- Mitigation: We provide recommendations for mitigating risks associated with third-party vendors, including changes to vendor contracts, additional security measures, or even termination of vendor relationships in cases where risks are deemed too high.
- Compliance: We validate that third-party vendors are compliant with relevant regulations and standards, such as GDPR or PCI DSS.
- Reporting: We provide regular reporting to management and the board on the risks associated with third-party vendors and the actions needed to mitigate these risks.
Overall, WPY Data's third-party risk management solution can help organizations reduce their risk exposure and protect sensitive data by effectively managing the risks associated with third-party vendors.